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AdamHong
Oct 17, 2016 7:07 AM

GBPAUD:1.618EXT and the Breached Inscribed Trendline Long

British Pound/Australian DollarFXCM

Description

The price hit the 1.618EXT of previous rally and the downward inscribed trendline has been breached.
So it is a good chance for opening long position at 1.596-1.572 levels which is also the retracement of 0.618 and the pullback of the breached inseribed trendline.
SL:below 1.592
TP1:1.606
TP2:1.620

The 1.607 level maybe a very strong resistance,and if more profits are wanted,the market must break through this level at first.

Trade active

Comment

Although pulled back too much,1.592 level was still kept.

Comment

The 1.607 level is very stong,and more patience is needed.Just wait and see.

Comment

TP1 reached.

Trade closed: stop reached

Just TP1 reached,and some profits were taken.
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